Paris- and London-based fintech Spiko has raised €80.03 million, or about $90 million, in a Series B funding round led by New Enterprise Associates, as the company looks to expand its regulated tokenised cash funds into new markets and currencies.
The financing comes roughly 15 months after Spiko’s €18.9 million Series A in July 2025 and takes total capital raised by the company to approximately €106.7 million.
Existing investors Index Ventures, Speedinvest and White Star Capital participated in the latest round. Other backers included Bpifrance, Flourish Ventures, Shapers, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Axel Weber, the former president of Germany’s Bundesbank, and the founders of Qonto were also named among participating angel investors.
Founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, Spiko operates regulated cash funds designed to give businesses and individuals an alternative way to manage money that might otherwise remain in low-yielding bank balances.
Its funds are currently offered in euros, US dollars, pounds sterling and Swiss francs. Customers can access them through Spiko’s web and mobile applications, while financial platforms can integrate the products through an API.
Spiko targets the gap between bank deposits and money market funds
Spiko’s proposition sits at the intersection of traditional money market funds and blockchain-based financial infrastructure.
The company issues its funds using blockchain technology, allowing holdings to interact with infrastructure also used by stablecoins and smart contracts. For corporate treasury teams, Spiko says this can support automated cash-management rules, including moving surplus balances into yield-bearing funds.
That solution solves an old treasury issue where firms tend to keep liquidity within their operational account despite the existence of short-term investments which offer better returns, mainly because typical investment products might be more complicated to incorporate into online finance software programs.
Spiko argues that the opportunity is substantial. The company estimates that Europe and the United States together hold about €44.4 trillion in cash and deposits and says much of that money earns little or no return. Those figures, and Spiko’s calculations about the income potentially generated from higher yields, should be treated as company estimates rather than independently established market measurements.
“Every person and every organisation holds cash, yet whether it earns anything still depends on who you are and how much you have. Yield should be universal. Our ambition is to make all cash earn by default, around the clock,” co-founder and CEO Paul-Adrien Hyppolite said.
The company reports that assets under management have surpassed €2.4 billion, representing growth of more than fivefold over the past 12 months. It also says its platform is used by more than 10,000 businesses and individuals across more than 25 jurisdictions, including startups, venture-capital funds, research organisations, public institutions and medical practices.
NEA’s Philip Chopin, managing director and head of Europe, said the investor sees money market funds as a foundation from which Spiko can expand into additional products and markets.
Fresh capital will support European expansion
Spiko plans to deploy the Series B proceeds toward new fund launches, geographic expansion and hiring.
The company already has hubs in Paris and London and says it is building a local presence across Germany, Italy, Spain, the Netherlands and Nordic markets.
The funding also reflects growing investor interest in financial products that combine regulated investment structures with blockchain-based settlement and distribution. Unlike cryptocurrencies whose value can fluctuate sharply, tokenised money market and cash-management products generally aim to put conventional financial assets on digital infrastructure rather than replace the underlying assets themselves.
Spiko claims it has become the world’s largest issuer of tokenised cash funds, ahead of established asset managers including BlackRock and Franklin Templeton.
For Spiko, the next stage will therefore be less about demonstrating that tokenisation is technically possible and more about whether its model can scale across different regulatory regimes while maintaining the liquidity, risk controls and operational reliability expected of cash-management products.
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